her gainer nor loser by the coinage
of any metal; for they subtract, or ought to subtract, no more from the
intrinsic value than what will just pay all the charges of the mint; and
how much that will amount to, is the question. By what I could gather
from Mr. M'Culla, good copper is worth fourteenpence per pound. By this
computation, if he sells his copper notes for two shillings the pound,
and will pay twentypence back, then the expense of coinage for one pound
of copper must be sixpence, which is thirty per cent. The world should
be particularly satisfied on this article before he vends his notes; for
the discount of thirty per cent. is prodigious, and vastly more than I
can conceive it ought to be. For, if we add to that proportion the
sixteen per cent. which he avows to keep for his own profit, there will
be a discount of about forty-six per cent. Or, to reckon, I think, a
fairer way: Whoever buys a pound of Mr. M'Culla's coin, at two shillings
per pound, carries home only the real value of fourteenpence, which is a
pound of copper; and thus he is a loser of _41l. 13s. 4d._ per
cent.[114] But, however, this high discount of thirty per cent. will be
no objection against M'Culla's proposals; because, if the charge of
coinage will honestly amount to so much, and we suppose his copper notes
may be returned upon him, he will be the greater sufferer of the two;
because the buyer can lose but fourpence in the pound, and M'Culla must
lose sixpence, which was the charge of the coinage.[115]

Upon the whole, there are some points which must be settled to the
general satisfaction, before we can safely take Mr. M'Culla's copper
notes for value received; and how he will give that satisfaction, is not
within my knowledge or conjecture. The first point is, that we shall be
always sure of receiving good copper, equal in bulk and fineness to the
best English halfpence.

The second point is, to know what allowance he makes to himself, either
out of the weight or mixture of his copper, or both, for the charge of
his coinage. As to the weight, the matter is easy by his own scheme;
for, as I have said before, he proposes forty-eight to weigh a pound,
which he gives you for two shillings, and receives it by the pound at
twentypence: so that, supposing pure copper to be fourteenpence a pound,
he makes you pay thirty per cent. for the labour of coining, as I have
already observed, besides sixteen per cent. when he sells it. But if to
this